The Senate has approved the sum of N257.18billion as budget for the Nigeria Customs Service (NCS) for the 2021 financial year.
The approval followed the consideration of a report by the Committee on Customs, Excise and Tariffs on the red chambers during Wednesday plenary.
Chairman of the Committee, Senator Francis Alimikhena (APC, Edo North), in his presentation, said out of the amount budgeted for the Customs in the 2021 financial year, the sum of N99.72billion is for Personnel Cost; N19.53billionfor Overhead; and N137.9billion for Capital Cost.
Giving a breakdown of the revenue framework, Alimikhena said the Committee increased the NCS revenue target from N1.47trillionto N1.68 trillion.
According to the lawmaker, “in the 2021 fiscal year, NCS revenue target was pegged at N1.465 trillion comprising of N1.267 trillion for Federation Account and N197.996 billion for Non-Federation Account, respectively. However, the Senate Committee deemed this target to be inadequate, while taking cognizance of the recently assented Finance Act, 2021.”
He explained that other factors such as expansion of excisable items, excise duties of carbonated drinks; tariff review on vehicles; re-opening of border; and projected increase on collectible duty of imports informed the upward review of revenue target for the NCS.